The Nigerian Institute of Quantity Surveyors (NIQS) and Family Homes Funds Limited (FMFL) have agreed to sign a Memorandum of Understanding (MOU) on capacity building for the staff of FMFL on costing and cost management of construction projects.
The two organizations reached the agreement on Tuesday when the leadership of the Nigerian Institute of Quantity Surveyors (NIQS), led by its President QS Olayemi Shonubi, FNIQS paid a courtesy visit to the head office of Family Home Funds Limited in Abuja.
Speaking during the visit, the Managing Director/CEO of Family Homes Funds Limited, Mr. Femi Adewole said he was delighted by the offer from NIQS to train the staff of his organization, noting that the gesture will ensure that its projects adhere to all regulations in a manner that guarantee the structural integrity of the buildings.
He explained that FHFL has so far disbursed N68billion to fund three of its products; the Affordable Housing Fund, Help to Own and Rental Housing Fund which aim to support the development of up to 500,000 Homes targeted at people on low income over the next 5 years.
“Towards achievement of this goal, we will work in partnership with public and private sector developers by providing competitively priced direct financing – both debt or equity to finance projects that meet our strategic objectives,” Adewole said.
Adewole said FHFL Homes Funds Limited was excited by the hand of fellowship extended to it by NIQS while assuring Nigerians of his organization’s readiness to work with critical stakeholders in the Built Environment to catalyze the provision of at least 500,000 homes and the creation of 1,500,000 jobs in the process.
Earlier in his address, the President of NIQS, QS Shonubi called on the Managing Director of FMFL to adopt stamped Bills of Quantities (BOQ) from Registered Quantity Surveyors as requirement for funding housing development.
Shonubi said that only Bills of Quantities signed and sealed by a Registered Quantity Surveyor should be accepted from Developers seeking finance from FHF Limited under the Affordable Housing Funds.
According to him, “doing so will ensure that only realistic and workable estimates are provided by these developers and thus reduce time and resources wasted in evaluating such schemes that are later found to be unrealistic.”
Expatiating, Shonubi said the adoption of BOQ duly signed by certified Quantity Surveyors will also enable FHF Limited take full advantage of the competencies and inherent core values of professional cost managers, namely transparency, accountability, probity and value for money in developmental projects.
The NIQS President then urged Family Homes Funds Limited to assist members of the Institute own their own houses particularly in States like FCT, Niger, Lagos, Rivers, Kano, and Kaduna where the Institute has sizeable members and where costs of owning a home could be a challenge especially for its young members.
Shonubi made a special appeal for consideration of members of the FCT Chapter of the Institute whom he said had already applied for an allocation of a parcel of land under the Mass Housing Programme of the FCT.